605 Main St · Tower, MN 55790

$329,900

8 bd · 4.0 ba · 2,976 sqft · MultiFamily public records · 77 Days on market

Built 1982 6,969 sqft lot

---

Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +24.6/30.0
• Appreciation +10.0/10.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• Schools +3.6/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Exceptional turn-key 4-plex opportunity in the heart of Tower, MN — just one block from beautiful Lake Vermilion. Whether you’re an investor looking for strong cash flow or a first-time home buyer wanting tenants to help pay the mortgage, this property offers endless potential. The building features four spacious 2-bedroom, 1-bath units with separate electric meters, allowing tenants to pay their own electricity. All units are currently rented at $1,000 per month on flexible month-to-month leases, providing immediate rental income with room for future rent increases. Located in one of northern Minnesota’s premier recreation destinations, this property offers quick access to boating, fishing, snowmobile trails, and ATV trails right outside your door. The historic building has seen updates throughout while still maintaining its character and charm. Additional opportunity available with a neighboring commercial lot that may be purchased together or separately. Live in one unit while the other tenants help offset your mortgage, or add a solid income-producing property to your portfolio in a highly desirable lake community.

Key facts

• Turn-key 4-plex
• Historic building
• Updates throughout

Tags

• TURN-KEY 4-PLEX
• ONE BLOCK FROM LAKE VERMILION
• STRONG CASH-FLOW POTENTIAL
• HISTORIC BUILDING
• UPDATES THROUGHOUT

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $330k.

Deal economics

• At list price, monthly cash flow is $681 ($8k/yr) — positive. Per door: $170/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $330k).
• Recommended offer: $310k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 0.4% in Tower — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 65/100 on livability (#517 in MN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B; Watch: crime C-, employment C-, health & safety D.
• St. Louis County School District (rural): math 34% / reading 49% proficiency, ranked #212 of 301 in MN (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 128 active listings in the ZIP; 639 units permitted in St. Louis County in 2024 (338 in 5+ unit buildings).

Forward outlook

• In year one you build about $35k of equity ($2k loan paydown + $33k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $92k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$57k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $100k; list at $330k implies a 230% gain — meaningful room to come down on a strong offer.

Recommended offer $310,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.00% ✓
• Cap rate: 8.77%
• Cash-on-cash: 8.85%
• DSCR: 1.39
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 30.7%
• Equity multiple: 3.41×
• Total profit: $222,886
• Equity at exit: $297,200

10-year hold

• IRR: 26.6%
• Equity multiple: 7.73×
• Total profit: $621,923
• Equity at exit: $640,923

Cash invested: $92,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 46 Balanced
• State Minnesota: 46 Balanced · D+2
• County: — inherits STATE
• City: — inherits STATE

2024 reforms strengthened tenant protections; ramsey/hennepin courts paced moderate to slow.

Methodology + full state rankings →

ZIP-level market 55790

• Home prices YoY: 8.4%
• Active inventory: 128
• Price-to-rent: 33.3×

Monthly cashflow live

• Estimated rent: $3,306 medium
• Mortgage (P&I): −$1,730
• Tax from tax record: −$63 /mo · $758/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$694
• Net cashflow: $681

Break-even live

Break-even rent $2,444

Max offer price $329,900

Occupancy floor 74%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,308
Total (4 units)			$3,306

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $82,475
• Closing costs: $9,897
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $329,900 Active 77 DOM
2. 2026-06-18
   days on market $329,900 Active 76 DOM
3. 2026-06-17
   days on market $329,900 Active 75 DOM
4. 2026-06-16
   days on market $329,900 Active 74 DOM
5. 2026-06-15
   days on market $329,900 Active 73 DOM
6. 2026-06-14
   days on market $329,900 Active 71 DOM
7. 2026-06-13
   days on market $329,900 Active 70 DOM
8. 2026-06-10
   days on market $329,900 Active 68 DOM
9. 2026-06-09
   days on market $329,900 Active 67 DOM
10. 2026-06-08
    days on market $329,900 Active 66 DOM
11. 2026-06-07
    days on market $329,900 Active 65 DOM
12. 2026-06-02
    days on market $329,900 Active 60 DOM
13. 2026-06-01
    days on market $329,900 Active 59 DOM
14. 2026-05-31
    days on market $329,900 Active 58 DOM
15. 2026-05-30
    days on market $329,900 Active 57 DOM
16. 2026-04-03
    listed $329,900 Active 1158-char remark

    Show marketing remark (583 chars)

    Turn-key 4-plex in the heart of Tower, MN just one block from Lake Vermilion. Great opportunity for owner-occupants or investors. Property features four 2-bedroom, 1-bath units, all separately metered for electricity with tenants paying electric. Currently rented at $1,000/month per unit on month-to-month leases, providing immediate income with flexibility for future rent adjustments. Strong cash-flow potential. Located in a desirable recreation area with close access to boating, fishing, snowmobile and ATV trails right out your door. Historic building with updates throughout.

17. 2026-04-03
    listed $329,900 Active 583-char remark

    Show marketing remark (583 chars)

    Turn-key 4-plex in the heart of Tower, MN just one block from Lake Vermilion. Great opportunity for owner-occupants or investors. Property features four 2-bedroom, 1-bath units, all separately metered for electricity with tenants paying electric. Currently rented at $1,000/month per unit on month-to-month leases, providing immediate income with flexibility for future rent adjustments. Strong cash-flow potential. Located in a desirable recreation area with close access to boating, fishing, snowmobile and ATV trails right out your door. Historic building with updates throughout.

18. 2026-02-01
    historical
19. 2025-10-17
    listed $349,000 Active
20. 2014-05-21
    soldstatus $100,000
21. 2003-06-20
    soldstatus $130,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MN · Partial reset (capped growth)

• Current annual tax: $758 · $63/mo
• Projected year-2 tax: $2,226 · $186/mo
• Expected delta: +$1,468/yr (+$122/mo · 193.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $39,672
• − Mortgage interest: −$18,480
• − Property taxes: −$758
• − Insurance: −$1,650
• − Repairs & maintenance: −$3,174
• − Management: −$3,174
• − Depreciation: −$9,597
• Taxable income: $2,840
• Est. tax owed @ 24.0%: −$682
• After-tax cash flow: $7,491/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: St. Louis County School District
• NCES district ID: 2700008
• Math proficiency: 34% ▼ -7.00%
• Reading proficiency: 49% ▼ -6.00%
• Median HH income: $49,389
• Composite: 35.63/100
• National rank: #4886
• State rank: #212 of 301 in MN

Livability — Tower

• Score: 65/100
• State rank: #517
• US rank: #12482

Category grades

Amenities F Commute F Cost of living A+ Crime C- Employment C- Housing A+ Health & safety D User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tower, MN
• Population (ZIP): 1,933

Population outlook (St. Louis County) Hauer SSP2

• Today (2025): 202,411 people
• By 2030: 203,234 · +0.4%
• By 2040: 202,520 · +0.1%
• By 2050: 200,853 · -0.8%
• By 2075: 200,943 · -0.7%
• By 2100: 192,058 · -5.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Native American 11% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Portuguese 9% Lithuanian 3% Scottish 2%
• Foreign-born: 1% · Canada

Political lean MEDSL · St. Louis

• 2024 margin: D (+13.7) · D 55.9% · R 42.2% · Other 1.8%
• 2008→2024 swing: -18.8pp toward R · 2008: 32.5pp · 2024: 13.7pp
• All cycles: 2024: D+13.7 2020: D+15.6 2016: D+11.8 2012: D+29.6 2008: D+32.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 23.54%
• Current HPI: 302.84
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.41%
• F500 in state: 34

Industry mix (Fortune 500 HQ in MN)

Industry	F500 HQs	Revenue
▸Healthcare	2	$407B
▸Retail	2	$150B
▸Consumer Goods	2	$32B
▸Industrial Machinery	2	$6B
▸Agriculture	1	$40B
▸Healthcare / Medical Devices	1	$32B

Price history

+153.8% since first listed

6 events — show timeline

• 2026-04-03 Listed $329,900 RAOR
• 2026-04-03 Listed $329,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-01 Listing Removed — NORTHSTARMLS as Distributed by MLS Grid
• 2025-10-17 Listed $349,000 NORTHSTARMLS as Distributed by MLS Grid
• 2014-05-21 Sold (Public Records) $100,000 Public Records
• 2003-06-20 Sold (Public Records) $130,000 Public Records

Property tax history

-0.8%/yr

Latest (2025): $758 · +6.8% YoY. Source: county tax records.